The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q3 2025 includes 75 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures from Q1 2005 up to the end of Q3 2025. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index was positive for the fifth consecutive quarter in Q3 2025, delivering a total return of 0.89%, slightly down by 13 bps from 1.02% posted in the previous quarter.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions, followed by Europe and then the US.

• The GREFI core funds continue to outperform their non-core peers for the third consecutive quarter, both delivering positive total returns of 0.91% and 0.80% respectively.

For any queries, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.38% in November 2025. The ACOE includes 18 funds with a total GAV of AUD 117.14 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The Q3 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.46%, comprised of 0.36% capital growth and 1.10% income return. Up 28 bps from 1.18% posted in Q2 2025. The report measures the asset level returns of 248 investments owned by 8 ODCE funds valued at US$19.31 billion as of Q3 2025.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 10 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

The Q3 2025 ANREV index included data contributions from 79 funds with a total gross asset value of US$147.7 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.28% in Q3 2025, down from 1.91% posted in the previous quarter.
• Core funds with a total return of 1.38%, outperformed value-added and opportunistic funds which posted 0.76% and 0.85% respectively.
• Australian funds outperformed the wider index, delivering total returns of 1.80%, marking their fourth quarter of positive performance. While multi-country funds saw a drop in performance, but remained positive at 0.36%. 
• Further details of the sub-indices, which cover different fund styles and various geographies, can be found in the full report.

We would like to extend our thanks to all of the funds that have contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

This case study details the journey of Pro-invest Group, who transformed their ESG performance over nine years from a GRESB score of 29/100 in 2017 to 81/100 by 2025 through high NABERS ratings and Green Key certifications for its hotels, pioneering green loans with Aareal Bank, and implementing social programs like RISE and CARE.

The 2026 ANREV Performance Measurement and Research publication calendar is now available.

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 2.09 billion in farmland.

ANREV Australia Farmland Index returned -2.99% on a 12-month rolling basis in Q3 2025.

On an annualized rolling return basis, the income return was at 2.40% in Q3 2025.

Capital growth was at -5.28% in Q3 2025 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Christy Lau or Karen Yeung.

ANREV, INREV and NCREIF present the eleventh edition of the Global ODCE (open end diversified core equity) fund index, consisting of 49 funds with a combined total gross asset value of US$347.1 billion.

Key highlights:

• The Global ODCE fund index delivered a net total return of 0.45% in Q2 2025, down from 2.18% in the previous quarter.

• European ODCE funds outperformed the other regions, posting a total return of 0.83%, followed by the US with 0.52%, then Asia Pacific with flat returns of 0.00%.

• Capital growth turned negative in Q3 with -0.38%, down from 1.38% posted in Q2 2025. While the accrual-based income return increased by 4 bps, delivering 0.83%.

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.